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Lee is a successful stock options trader who began trading large cap stocks in 1984 before online trading was even popular. Lee enjoys teaching people how to buy long term options and sell short term options. >>More Details

JCP Earnings Before The Bell Tomorrow

JCP reports earnings before the bell tomorrow and the stock will likely make a big move. Macy's reported earlier this week and the stock busted 3% higher to open the day. Are we going to get a similar move from JCP? Or is the stock going to plunge below $20? Below is my chart on JCP and my quick take on it.

In a little over 3 months the stock has fallen almost 50%, could we be looking at further declines post earnings? I'll let my option purchase do the talking - I bought calls on JCP during Wednesdays session the $22 Aug18 Strike for $1.09, they closed today at $1.71. Am I going to regret holding them through earnings? The good part about going out to next week, is I have 6 more days left. If JCP trades flat or only modestly higher I have time for my options to gain more value next week.

If JCP can break over $23.40 we are looking at a move back to $28.20 and then $30. A good earnings report will make this move possible over the next few weeks. That is what I see with JCP. A break of resistance at $23.40 and a powerful rally to $30.00.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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